1. What are the various means by which an offer can be revoked?

2. On August 1, Ernie wrote to Elsie offering to sell Elsie his car for $7,600, and he promised to hold the offer open for ten days. On August 4 Ernie changed his mind; he sent Elsie a letter revoking the offer. On August 5 Elsie e-mailed Ernie, accepting the offer. Ernie's letter of revocation arrived on August 6. Is there a contract? Explain.

3.Mr. and Mrs. Mitchell, the owners of a small secondhand store, attended an auction where they bought a used safe for $50. The safe, part of the Sumstad estate, had a locked compartment inside, a fact the auctioneer mentioned. After they bought the safe, the Mitchells had a locksmith open the interior compartment; it contained $32,000 in cash. The locksmith called the police, who impounded the safe, and a lawsuit ensued between the Mitchells and the Sumstad estate to determine the ownership of the cash. Who should get it, and why?

4. Case Analysis:

Wholesale Coal Company ordered 25 carloads of coal from Guyan Coal and Coke Company. Guyan could not come up with 25 carloads. However, it did have 7 carloads available. Before shipping the coal, Guyan wrote back to Wholesale stating, "You can be sure that if it is possible to ship the entire twenty-five carloads, we will do so. But under the circumstances, this is the best we can promise you." When Guyan heard nothing from Wholesale, it shipped the 7 carloads. When Wholesale did not pay for the 7 carloads, Guyan brought suit to compel payment. Wholesale countersued, claiming Guyan had not yet delivered the remaining 18 carloads. Was Wholesale correct? Explain.Guyan Coal and Coke Company v. Wholesale Coal Company,201 N.W. 194 (MI).